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PRINCETON JUNCTION, N.J., Oct. 9, 2012 (GLOBE NEWSWIRE) -- Mistras Group, Inc. (NYSE:MG), a leading "one source" global provider of technology-enabled asset protection solutions, today reported financial results for the first quarter of fiscal 2013, which ended August 31, 2012. During the first quarter, the Company had revenues of $113.4 million, net income of $4.3 million, or $0.15 per diluted share, and Adjusted EBITDA*, a non-GAAP measure detailed later in this release, of $15.5 million.
First Quarter Fiscal 2013 Financial Highlights:
Revenue of $113.4 million increased 24%.
Adjusted EBITDA* increased 29% to $15.5 million.
Net income increased 33% to $4.3 million, or $0.15 per diluted share.
Net cash provided by operating activities increased more than 60% to $21.5 million.
Operating margins and Adjusted EBITDA* margins increased over the prior year.
SG&A as a percent of revenues dropped to 20.7 % versus 21.2% in the prior year.
In September 2012, the Company completed the acquisition of German-based GMA Holding, a leader in the field of quality assurance, non-destructive and destructive material testing, and engineering services. GMA Holding has more than 500 employees located in 11 offices throughout Germany, as well as operations in the Netherlands. Revenues for GMA Holding's most recent fiscal year were approximately $50 million and the purchase price was $36 million plus additional consideration for meeting certain profitability targets. The Company expects the GMA acquisition will be break-even for fiscal 2013.
Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos stated, "The first quarter was another strong quarter for the Mistras model, as significant increases in revenues produced larger gains in net income, Adjusted EBITDA and operating cash flows. This is indicative of how we manage the business for our shareholders." Dr. Vahaviolos added, "We continue to expand our service offerings with the acquisition of the GMA Group that not only bring us new capabilities in the testing space, but also help increase our scale in the European market".